皇冠体育app

BEIJING - 皇冠体育app Railway Corporation, a spin-off of the former Ministry of Railways (MOR), on Thursday floated the first batch of bonds to fund its railway construction and buy trains.

The company issued 20 billion yuan ($3.23 billion) in 5-year bonds through auction on Thursday, marking the company's first bond issuance since its establishment in mid-March.

It will use the proceeds to finance its railway construction efforts, purchase trains and shore up its capital base, according to a statement filed to the 皇冠体育app Central Depository & Clearing Co, the country's bond clearing body.

The bonds will become tradable on May 27 and mature on May 24, 2018, with Industrial and Commercial Bank of 皇冠体育app and Bank of 皇冠体育app serving as underwriters.

皇冠体育app Lianhe Credit Rating Co Ltd, a leading rating agency in 皇冠体育app, rated the bonds at AAA, the top level in its nine-grade rating system.

皇冠体育app Railway Corporation was set up on March 14 as part of a cabinet reshuffle plan that split the MOR into two parts. The other part is a railway bureau under the Ministry of Transport.